Pune, India, May 24, 2023 (GLOBE NEWSWIRE) -- The global heat transfer fluids market size is projected to reach USD 5,372.24 million by the end of 2027. The increasing demand for concentrated solar power will aid the growth of the market in the coming years. According to a report published by Fortune Business Insights, titled “Heat Transfer Fluids Market Size, Share & Industry Analysis, and Regional Forecast by 2027,” the market was worth USD 3,477.90 million in 2019 and will exhibit a CAGR of 5.78% during the forecast period, 2020-2027.
Get a Free Sample Research Report:
List of Key Players Mentioned in the Heat Transfer Fluids Market Report:
- Element Solutions Inc (U.S.)
- Caldic B.V. (Netherlands)
- Eastman Chemical Company (U.S.)
- Schultz Chemicals (Canada)
- Arkema S.A. (France)
- Isel (Florida)
- FRAGOL AG (Germany)
- Clearco Products Co., Inc. (U.S.)
- Arteco (Belgium)
- Eastern Petroleum (North Carolina)
- Dynalene, Inc. (Pennsylvania)
- Honeywell International Inc. (U.S.)
- Exxon Mobil Corporation (U.S.)
- Chevron Corporation (U.S.)
- The Dow Chemical Company (U.S.)
- Huntsman Corporation (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 5.78% |
| 2027 Value Projection | USD 5,372.24 Million |
| Market Size in 2019 | USD 3,477.90 Million |
| Historical Data | 2016-2018 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Heat Transfer Fluids Market Growth Drivers | Increasing Demand in Concentrated Solar Power (CSP) is driving the Market. |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/heat-transfer-fluids-market-105543
Report Coverage:
The report discusses further findings that researchers made based on the comprehensive data and offers information on the state of the market, including kinds and applications based on various nations and important locations. It describes the market's most active companies in detail, including attributes like corporate portfolio, business strategy, financial overview, recent developments, and industry share.
COVID-19 Impact:
The recent coronavirus outbreak has had an adverse impact on majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
Drivers and Restraints:
Drivers
- Thermal Efficiency: Heat transfer fluids play a vital role in enhancing thermal efficiency by efficiently transferring heat between different components and systems. High-performance heat transfer fluids can significantly improve the overall efficiency of industrial processes, leading to energy savings and cost reductions.
- Temperature Range: Heat transfer fluids are designed to operate within specific temperature ranges, allowing them to handle high or low-temperature applications effectively. The availability of heat transfer fluids that can withstand extreme temperatures enables the safe and efficient operation of processes in various industries.
- Heat Stability: Heat transfer fluids need to maintain their thermal stability over prolonged periods of operation to ensure consistent performance. Heat stability is crucial to prevent fluid degradation, fouling, or the formation of harmful byproducts that could affect the efficiency and lifespan of the system.
Restraints:
- Cost: The cost of heat transfer fluids can be a significant constraint, especially for large-scale industrial applications. High-performance fluids or specialized formulations may come at a higher price, impacting the overall economics of a system. The cost-effectiveness of heat transfer fluids needs to be carefully evaluated based on the specific requirements and benefits they provide.
- Safety Concerns: Heat transfer fluids often operate under high temperatures and pressures, making safety a critical concern. Certain fluids can pose hazards if mishandled or leaked, such as flammability, toxicity, or environmental risks. Proper safety measures and protocols must be in place to minimize the associated risks.
- Maintenance and Lifespan: Heat transfer fluids require regular monitoring, maintenance, and replacement to ensure optimal performance and longevity. Over time, fluids may degrade, accumulate contaminants, or experience wear, necessitating fluid analysis, filtration, or complete fluid replacement. These maintenance activities add to the operational costs and may result in downtime for the system.
Heat transfer fluids are widely used in several industry verticals including oil and gas, healthcare, chemicals, pharmaceuticals, and others. These fluids are used to transfer heat over two objects or areas; wherein they cool one side of the process and heat and store on the other side. The presence of several large scale companies with a wider consumer base and excellent product portfolios will open up a huge potential for the growth of the market. The massive investment in the research and development of efficient products will emerge in favor of market growth. The rising demand for concentrated solar power will contribute to the growing adoption for the product across the world. The increasing demand for the product will have a direct impact on the businesses of large scale enterprises as well as SMEs across the world.
Get a Quote Now:
https://www.fortunebusinessinsights.com/enquiry/get-a-quote/heat-transfer-fluids-market-105543
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Heat Transfer Fluids Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Silicon Fluids
- Aromatic Fluids
- Mineral Oils
- Glycol Based Fluids
- Others
- Market Analysis, Insights and Forecast – By Application
- Oil & gas
- Chemical
- Concentrated Solar Power
- Food & Beverages
- Plastics
- Pharmaceutical
- HVAC
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Latin America
- Middle East & Africa
TOC Continued...!
Ask for Customization:
Increasing Number of Company Mergers Will Emerge in Favor of Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and acquisitions has made the highest impact on market growth. The massive investment put in by major companies for the development of efficient products will bode well for the growth of the market in the coming years. In April 2019, Eastman Chemical announced that it has completed the acquisition of Marlotherm. The company possesses an attractive range of heat transfer fluids and intellectual property. The company also possesses proper formulations and a wider consumer base, in addition to the aforementioned factors. Through this acquisition, the company will look to expand its heat transfer fluids across the world. Eastman’s acquisition of Marlotherm will not just benefit the company but will have a direct impact on the growth of the overall market in the coming years.
North America to Emerge Dominant; Presence of Several Large Scale Companies to Aid Growth
The report analyzes ongoing market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in North America is projected to emerge dominant in the coming years. The stringent regulations surrounding the overall carbon emissions will lead to a wider adoption of heat transfer fluids across this region. Moreover, the high investment in product innovations will bode well for market growth. The market in North America will derive substantial growth from the presence of several large scale manufacturers in this region. As of 2019, the market in 2018 was worth USD 834.52 million and this value is projected to increase further in the coming years.
Read Related Insights:
Flavors and Fragrances Market to Hit USD 36.49 billion by 2029 | Exhibiting a CAGR of 4.7%
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Address:
Fortune Business Insights Pvt. Ltd.
9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
mailto:sales@fortunebusinessinsights.com
